The bitcoin mining firm is reportedly planning to use the capital raised to fund its expansion into other African countries. mining capitalraised
Kenya-Based Bitcoin Mining Company Raises $2 Million in Seed Investment Led by Jack Dorsey-Owned Firm
Gridless, a bitcoin mining company operating from Kenya, recently raised $2 million in seed investment from Block, a digital payments company owned by Twitter founder Jack Dorsey, and Stillmark. The bitcoin mining firm is reportedly planning to use the capital raised to fund its expansion into other African countries.
“We had spent years building internet connectivity infrastructure in rural and urban Africa and realized that you cannot have a 21st-century economy without both power and connectivity together.
To demonstrate the effectiveness of Gridless’ business model, the CNBC report revealed that at one of the pilot sites, a mini hydropower plant had effectively reduced the price of electricity from 35 cents to 25 cents per kilowatt hour.
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